The development team, which also includes Atlanta-based Hendon Properties, plans to convert the enclosed portion of the property to an open-air concept. Lennar and Sterling acquired ownership interest in the property and Sterling will manage the center. Timing on the redevelopment has not been set.

The 622,300-square-foot center is just inside Interstate 285 in northeastern Atlanta. It opened in 1965 and is one of the last remaining large-scale infill opportunities in the Decatur/Emory area for retail or mixed-use redevelopment. Anchor tenants include AMC Theatres, Burlington Coat Factory, Macy's, Marshalls and RossDress for Less.

"North DeKalb Mall is extremely well positioned for redevelopment based on its age, proximate location to major employers such as AT&T, Emory University, Cox Communications and Kroger, and easy access to major thoroughfares," said Mike Cohn, regional president of Lennar Commercial. "In addition, a redevelopment will greatly benefit the high density neighborhoods surrounding the property, including Emory, Druid Hills and Decatur."